PwC Launches Blockchain Solution to Authenticate Luxury Items

According to the Ledger Insights report of April 22, PwC is working with Luxochain on a blockchain solution for authenticating luxury goods. In a research report published by the Organization for Economic Co-operation and Development (OECD), fake products continued to grow over the past few years, and now account for 3.3 percent of world trade.

In a bid to control the luxury industry, PwC launched the Virgo blockchain solution in collaboration with Luxochain, Italian software company Temera and business consulting company Var Group. The Virgo blockchain solution is designed to ensure transparency throughout the supply chain of luxury goods, from the moment of purchasing raw materials until the moment the product enters the retail market.

All luxury goods on the Virgo platform will have a digital passport stored on the Luxochain blockchain, and will also be equipped with a digital wallet to help consumers securely store certificates of ownership. Thus, the original owner of each product will be able to transfer ownership to another person through resale, and the buyer will be able to verify the authenticity of the product in a simple way.

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